Capitaland Mall Trust - Annual Report 2015 - page 37

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CapitaLand Mall Trust
Annual Report 2015
Overview Sustainability
Business
Review
Portfolio
Details
Corporate
Governance &
Transparency
Financials &
Additional
Information
Motivate Right Behaviour
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performance
UÊ -ÌÀi˜}Ì i˜Êˆ˜i‡œv‡Ãˆ} Ìʏˆ˜Žˆ˜}ÊÀiÜ>À`ÃÊ>˜`Ê«iÀvœÀ“>˜ViÊ}œ>Ã
Fair & Appropriate
UÊ ˜ÃÕÀiÊVœ“«ï̈ÛiÊÀi“Õ˜iÀ>̈œ˜ÊÀi>̈ÛiÊ̜ÊÌ iÊ>««Àœ«Àˆ>ÌiÊiÝÌiÀ˜>ÊÌ>i˜Ìʓ>ÀŽiÌÃ
UÊ >˜>}iʈ˜ÌiÀ˜>ÊiµÕˆÌÞÊÃÕV ÊÌ >ÌÊÀi“Õ˜iÀ>̈œ˜ÊÃÞÃÌi“ÃÊ>ÀiÊۈiÜi`Ê>ÃÊv>ˆÀ
UÊ -ˆ}˜ˆwV>˜ÌÊ>˜`Ê>««Àœ«Àˆ>ÌiÊ«œÀ̈œ˜ÊœvÊ«>އ>̇ÀˆÃŽ]ÊÌ>Žˆ˜}ʈ˜ÌœÊ>VVœÕ˜ÌÊÀˆÃŽÊ«œˆVˆiÃÊvœÀÊ /Ê ÀœÕ«]ÊÃޓ“iÌÀˆV>Ê
with risk outcomes and sensitive to the risk time horizon
Effective Implementation
UÊ >ˆ˜Ì>ˆ˜ÊÀˆ}œÀœÕÃÊVœÀ«œÀ>ÌiÊ}œÛiÀ˜>˜ViÊÃÌ>˜`>À`Ã
UÊ ÝiÀVˆÃiÊ>««Àœ«Àˆ>ÌiÊyi݈LˆˆÌÞÊ̜ʓiiÌÊÃÌÀ>Ìi}ˆVÊLÕȘiÃÃʘii`ÃÊ>˜`Ê«À>V̈V>Êˆ“«i“i˜Ì>̈œ˜ÊVœ˜Ãˆ`iÀ>̈œ˜Ã
UÊ >VˆˆÌ>ÌiÊi“«œÞiiÊ՘`iÀÃÌ>˜`ˆ˜}Ê̜ʓ>݈“ˆÃiÊÌ iÊÛ>ÕiʜvÊÌ iÊÀi“Õ˜iÀ>̈œ˜Ê«Àœ}À>““iÃ
The fixed component comprises the base salary, fixed allowances and compulsory employer contribution to an
employee’s Central Provident Fund. The variable cash component comprises an annual bonus plan which is linked
to the achievement of annual performance targets for each key executive. Annual performance targets are in the
form of both quantitative and qualitative measures and, are aligned to the business strategy for CMT Group and
linked to the performance of CMT. The market-related benefits provided are comparable with local market practices.
For FY 2015, remuneration for key management personnel comprises a fixed component, a variable cash
component, an equity-based component and market-related benefits. For the equity-based component,
for FY 2015, shares of CL were awarded pursuant to the share plans of CL. With effect from FY 2016, Units will
be issued in place of CL shares, so as to better align the interest of key management personnel with the long term
interest of Unitholders.
The Code requires an issuer to disclose the names and remuneration of the directors, CEO and at least the top
five key management personnel (who are not also Directors or the CEO) of the Manager. In this regard, as the
Manager is currently in the midst of reviewing the remuneration policy, with a view to adopt a new remuneration
policy in line with the new directions and guidelines of MAS for FY 2016, the Manager is not making any disclosures
in this Annual Report as the remuneration figures for FY 2015 will not be meaningful or useful, from an information
perspective, to Unitholders with respect to FY 2016 and beyond.
There were no employees of the Manager who were immediate family members of a Director or the CEO during
FY 2015. ‘Immediate family member’ refers to the spouse, child, adopted child, step-child, sibling or parent of the
individual.
The Directors’ fees for FY 2015 are shown in the table on page 36 of this Annual Report. The CEO as an executive
director does not receive any fees in his capacity as a Director. Directors’ fees are a fixed sum and generally
comprise a basic retainer fee as a Director, an additional fee for serving on any of the Board Committees and an
attendance fee for participation in meetings of the Board and any of the Board Committees, project meetings and
verification meetings.
Non-executive Directors (save for Directors who are employees of CL) receive Directors’ fees which are payable by
way of cash and Units. The Manager believes that the payment of a portion of the Directors’ fees in Units will serve
to align the interests of such Directors with that of Unitholders and CMT’s long-term growth and value.